ASIC REGISTERED AGENTS
Introducing terms and conditions
ASIC REGISTERED AGENTS
Introducing terms and conditions
Prior to May 2020, ASIC never really had a set of guidelines available for ASIC agents to adhere by.
Subsequently, ASIC introduced terms and conditions for registered agents that related to the eligibility criteria to become an agent, an agent’s ongoing obligations to their clients and the manner in which agents should act.
It was clearly stipulated about disclosure of fees to clients, how to maintain accurate records, how to obtain data, what documents to lodge and how to cease being an agent.
This was enforced by ASIC on all agents to ensure clarity and provide clear grounds for penalty should agents bring the role of ASIC registered agents into disrepute.
Applying to be a registered agent
Application to become a registered ASIC agent is not available to everyone and must meet the eligibility criteria set out by ASIC. To become an agent, you would need to be a registered company, a business name or an individual carrying on a business in your own name who is over the age of 18 years of age and resides in Australia.
For all entities that are not registered as an individual, there must be an appointed individual who is to act as a responsible person on the entity’s behalf. This person is responsible for ensuring the performance of ASIC’s obligations.
In addition any responsible person must not be disqualified from managing corporations under the Corporations ACT 2001 (Cth) or been canceled as an agent within the past 6 months.
Steps to register for online access
Once you have completed your registered agent application and ASIC has issued you with your agent number, you must register for online access. To register for access you must read and agree to the Electronic Lodgement Protocol, provide your ASIC agent number and then select a username and password for your account.
You will be required to provide further information such as security questions and answers, contact details (phone and email) before verifying your identity and completing a declaration and submitting your application.
Finally, you will need to print and sign the Participation Agreement that ASIC supplies during the registration process and send it to agent.registration@asic.gov.au.
Steps to log in
Normally ASIC’s online services are available without interruption and all registered agents who intend to access information via their portal will need to head to the ASIC website and complete the following steps to log in:
Enter your registered agent number;
Enter your account’s username and password;
View your account details.
From here you can access the “Inbox” where messages in relation to companies you manage are available.
This is also the location in which you submit forms to make changes to company details.
WHAT DOCUMENTS CAN I LODGE ONLINE?
There are a large variety of forms which can be lodged by registered agents via the portal. Many of the forms can be lodged online and therefore it is expected that agents must lodge these via online services.
In addition to the submitting forms, a registered agent can also view company information such as annual statement date, officeholder details, shareholder details and address information.
Forms which can be lodged online include:
- Change to company Details
- Application for Voluntary Deregistration
- Change to a Company Name
- Appointment/Cessation of Registered Agent
- Request for Correction
- Reservation of Company Name
MAKING CHANGES WITHOUT BEING APPOINTED TO A COMPANY
AS THEIR REGISTERED AGENT.
It can be common that as an agent you are requested to make changes to a company for which you are not appointed as the managing agent. Some changes that agent’s may be requested to change for these companies include details such as address information, officeholders, shareholder and addresses.
An agent can also lodge online via their portal a deregistration of a company as well.
The process to lodge changes for company’s which they do not manage is almost identical to the process for company’s they manage. The main difference being that agents will need to include the company’s corporate key as part of the lodgement.
How can Waive help me as a registered agent?
Most agents using the online services from ASIC are seemingly caught in very manual processes when it comes to sending annual reviews, updating company details and ensuring their adhering to the agent responsibilities.
Some agents are not receiving written authority from directors before lodgement of documents with ASIC.
Waive assists agents and directors in meeting their obligations when it comes to the submission and lodgement of documents with ASIC.
Registered agents who manage company’s via Waive remove the manual processes and experience a significant improvement in the time it takes to update company details and send annual reviews.
Daily ASIC syncing and the smart notification system sends directors communication advising them of any outstanding changes or annual reviews that are required to be completed within the specified periods set out by ASIC.
In addition, included in Waive’s workflows is the relevant register documentation and electronic signing for directors which significantly improves compliance for both the registered agents and company directors.
Waive saves hours of administrative burden for registered agents and significantly reduces ASIC late penalties for directors.
WHAT OUR CLIENTS SAY
Our company has been using Waive for over 12 months now and it is a god send!!! It is so simple and easy to use for both staff and clients. Using this system has cut the time normally spent on Annual reviews, Changes etc. by at least 80%. This is perfect for all practises who want to maximise efficiency! Samantha Curran. Modoras Financial Performance Group
Nexus Accountants has grown over the years, the amount of companies we look after have also grown. We are moving with the times and Waive has allowed us to fully automate our company services. It is an easy, user friendly system that lets us keep our fingers on the pulse, with regards to our clients corporate compliance needs. Nexus Accountants highly recommends this to all accountants as it saves loads of administration time for your team.Ivana Tempone. Nexus Accounants
Having had a long and mutually beneficial association with Gabriel Dukes and his company Shelcom; spanning well over a decade, when Gabe launched his new Waive platform and asked us to be involved I didn’t hesitate to say yes. The platform is quite efficient and has largely automated our corporate secretarial service delivery. We have terrific visibility and control over our ASIC matters, yet our administration burden and time-costs are considerably lighter. I have no hesitation in endorsing the service.Steve Harris. Oak Accountants
Being a really small accounting firm and having limited resources available, Waive provides us with a means to provide a service to our clients that was once timely and costly. Having immediate access to information, ongoing support and electronic ASIC compliance has meant that we as a firm are moving forward. I can highly recommend Waive to all other accounting firms and in general anyone wanting to streamline corporate services.Sonia Floyd. Your Professional Bookkeeping and Taxation
INTERESTING FACTS
$335 Million
Late Fees 2022
3.09 Million
Companies Registered
$85.89
Ave Late Fee per company